上市公司资本结构与公司绩效互动关系实证的研究.pdfVIP

18 3 V o . 18 N o. 3 2 0 0 5 6 MANAGEM ENT SCIENCES IN CH INA June, 2 0 0 5 肖作平 , 100084 : 通过建立资本结构与公司绩效的联立方程, 应用三阶最小二乘法估计方程 展已 有的研究在控制相关变量下, 实证结果表明: 资本结构与公司绩效存在互动关系; 财务 杠杆与公司绩效负相关; 第 一大股东持股比例与公司绩效成反向的 U 型关系; 除风险外, 影响发达国家资本结构的公司特征因素也以同样的方式影响中国上市公司资本结构 : 资本结构; 公司绩效; 联立方程模型; 三阶段最小二乘法; 面板数据 : F27 : A : 1672- 0334 ( 2005) 0 3- 00 16- 07 Em pirical Study on the Interactive Relation between Capital Structure and Corporate Perform ance of Listed Com panies X IAO Zuo p ing Schoo of Econom ics and M anagement, T singhua U niversity, Beijing 1000 84, Ch ina Abstract: T he paper extends prev iou s stud ies by constructing smi u taneou s equa tion m ode s of cap ita structure and corporate perfo rm ance, app y ing threestage east square and pane data to estmi ate the equations. Contro ing re ative v ariab es, emp irica resu ts show that, there is an inte ractive re ation betw een cap ita struc ture and co rpo ra te perfo rm ance; f inancia everages are nega tive y re a ted to corporate perform ance; there is an inverted Ushaped re ation betw een co rporate perform ance and the share ratio that the first argest sha reho der ho ds; apart from except for risks, capita structure in Chinese isted com panies seem to be a ffected in the sam e w ay and by the sam e types o f f irmspec if ic character istics tha t a ffect the cap ita structures in deve oped coun tries. Key words: Capita structure; Co rpo ra te per fo rm ance; S